Business
Final Results for the Year Ended 31 December 2020
Final Results for the Year Ended 31 December 2020.
About this update from Sunda Energy Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 9588Z\n Baron Oil PLC\n 27 May 2021\n \n \n \n \n Market Abuse Regulation (MAR) Disclosure\n \n \n Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 (which forms part of domestic UK law pursuant to the European Union (withdrawal) act 2018) until the release of this announcement.\n \n \n \n \n \n 27 May 2021\n \n \n \n \n \n Baron Oil Plc\n \n \n \n \n \n (\"Baron\" or \"the Company\")\n \n \n \n \n \n Final Results for the Year Ended 31 December 2020\n \n \n \n \n \n Baron Oil Plc (AIM:BOIL), the AIM-quoted oil and gas exploration company with projects in SE Asia, Latin America and the UK, is pleased to announce its audited financial results for the year ended 31 December 2020.\n \n \n \n \n \n Highlights\n \n \n · \n Material milestone in March 2020 with the funding of the initial 25% effective interest in the TL-SO-19-16 production sharing contract, offshore Timor-Leste (\"Chuditch\"); subsequently increased to 63.75%.\n \n \n · \n Strategic intent to acquire significant working interests in potentially large oil & gas prospects signalled following board changes in October.\n \n \n · \n During first half 2021, considerable progress made on Chuditch: \n \n \n o \n One year extension to Contract Year 1 of the production sharing contract granted;\n \n \n o \n Significant upgrade in non-SPE PRMS compliant volumes; \n \n \n o \n Successful raise of £3m (gross) via a placing and subscription to support funding an Earn In agreement which increased effective interest in the PSC to 63.75%;\n \n \n o \n Baron's net share of estimated Mean prospective resources increased to 2,248 BCF (375 MMBOE);\n \n \n o \n Execution of a 3D seismic licensing and reprocessing contract.\n \n \n · \n UK offshore licence P2478 (15% interest)\n \n \n o \n Technical studies, delivered in early 2021, confirmed Dunrobin prospect as a potentially attractive and substantial opportunity;\n \n \n o \n Activity set to increase once technical studies results incorporated\n \n \n · \n Relinquishment of all other interests in United Kingdom licences.\n \n \n · \n Peru onshore Block XXI (100% interest)\n \n \n o \n Ongoing COVID-19 restrictions throughout Peru prevented tangible progress;\n \n \n...